Oakland Has Fastest Pace of Gentrification and Displacement in Bay Area

According to a report by the Urban Displacement Project of UC Berkeley, between 2013 and 2015 the pace of gentrification and displacement in Northern California accelerated most quickly in Oakland’s low-income neighborhoods. Skyrocketing rents reveal the need for strong rent control and just cause eviction protections in Oakland and throughout the Bay Area. According to the New York Times, Oakland’s median rent for the year 2016 was among the highest in the nation, just shy of the median rent in Manhattan.

During 1998, the median price for a studio apartment in Oakland was $540.00 per month, 1 bedroom rental units were $725.00 per month, and 2 bedroom units averaged $875.00 per month, according to Homefinders. Due to massive rent increases during 1999, the median price for a studio apartment in Oakland was $713.00 per month, 1 bedroom rental units were $850.00 per month, and 2 bedroom units averaged out at $1,050.00 per month. The housing crisis that occurred due to the rent gouging going on by greedy landlords during 1998 through 1999 amounted to a 32% increase in rent for studios, a 17% increase for 1 bedroom units, and a massive 20% increase for 2 bedroom units. The rent gouging by landlords occurred during a period in which the so-called 3% cap on annual rent increases still existed in Oakland.

During August of 2017, the average market rate rent for a one bedroom unit was $2,400 per month in Oakland, but since then, according to Zillow, the current median rent in Oakland is up to $3,000 per month. As an example of the latest outrageous rental units available, a recent listing on craigslist has an Oakland downtown apartment owner demanding $3,895 per month for a 2 bedroom unit at Maxwell, "the ultimate in boutique apartment living."